Agent Derek Webster said Cole had died at the Royal Berkshire hospital following a short illness, surrounded by his family, reported BBC.
Cole played the Cockney wheeler dealer Daley for 16 years, between 1979 and 1994. He also starred in a number of St Trinian's films as shady businessman Flash Harry.
Cole played opposite Dennis Waterman's Terry McCann, an affable bodyguard, in ITV's "Minder" for more than a decade.
Waterman said he had "the privilege of spending Tuesday afternoon with him and Penny and, although very frail, his wit was as evident as ever".
Webster called Cole a "comic genius" who "made you realise there's an Arthur Daley in every family".
Arthur Daley became a TV legend as a small-time crook who was always dreaming of bigger things, with the series regularly drawing in audiences of 17 million.
Cole also played Flash Harry, a remarkably similar character, in four St Trinian's films between 1954-66, starring alongside the likes of Terry Thomas, Joyce Grenfell and Sid James in the boarding school comedies.
It also allowed him to work with Alistair Sim, who had become his mentor after taking him into his home at the age of 15 alongside his adoptive mother.
Cole began acting in the early 1940s, appearing with Lawrence Olivier in "The Demi-Paradise", and taking a small role in Olivier's star-studded "Henry V".
He joined the war effort in 1944, joining the Royal Air Force, before resuming his acting career when the conflict ended.
He found himself consistently in work, on stage, television film and radio.
Besides the St Trinian's films, he also starred opposite Elizabeth Taylor and Richard Burton in "Cleopatra", and gothic horror "The Vampire Lovers".
Cole, who was made an OBE in 1992, married his second wife Penny in 1967.
